Balance Sheet For the Period ending December 31, 2009 in millions of dollars Assets Trade accounts, notes, and other receivables 2,262 Liabilities Accounts payable and other current liab
Trang 1Solutions Chapter 1 – Set B Exercises – Libby 7e
E1-1B.
Sunoco Inc
Balance Sheet For the Period ending December 31, 2009
(in millions of dollars)
Assets
Trade accounts, notes, and other receivables 2,262
Liabilities
Accounts payable and other current liabilities $ 3,322
Stockholders’ Equity
Total liabilities and stockholders’ equity $11,895
E1-2B.
UNIVERSITY MARKET Income Statement For the Month of March 2011
Revenues:
Trang 3Net Income (or Loss) = Revenues - Expenses
Assets = Liabilities + Stockholders’ Equity
A Net Income = $89,700 - $73,940 = $15,760;
Stockholders’ Equity = $134,200 - $59,000 = $75,200
B Total Revenues = $70,240 + $18,740 = $88,980;
Total Liabilities = $100,880 - $90,010 = $10,870
C Net Loss = $66,260 - $86,430 = ($20,170);
Stockholders’ Equity = $99,850 - $60,850 = $39,000
D Total Expenses = $68,680 - $41,770 = $26,910;
Total Assets = $27,890 + $88,680 = $116,570
E Net Income = $88,840 - $75,720 = $13,120;
Total Assets = $35,520 + $77,580 = $113,100
E1–4B.
Net Income (or Loss) = Revenues - Expenses
Assets = Liabilities + Stockholders’ Equity
A Net Income = $230,820 - $176,700 = $54,120;
Stockholders’ Equity = $295,300 - $95,000 = $200,300
B Total Revenues = $165,780 + $32,920 = $198,700;
Total Liabilities = $580,000 - $358,400 = $221,600
C Net Loss = $70,990 - $89,890 = ($18,900);
Stockholders’ Equity = $268,200 - $195,760 = $72,440
D Total Expenses = $43,590 - $11,840 = $31,750;
Total Assets = $198,675 + $99,525 = $298,200
Trang 4XTREME MANUFACTURING CORPORATION
Statement of Cash Flows For the Year Ended December 31, 2011
Cash flow from operating activities
Cash paid for operating expenses (195,000)
Net cash flow from operating activities $65,000
Cash flow from investing activities
Net cash flow from investing activities (4,000)
Cash flow from financing activities
Net cash flow from financing activities (58,000)
E1–6B.
BARBARA’S DESIGN CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2012
* Beginning retained earnings + Net income – Dividends = Ending retained earnings For 2011: $0 + 39,000 – 15,200 = $23,800;
Ending retained earnings for 2011 becomes beginning retained earnings for 2012
Trang 5FABULOUS STYLES Income Statement For the Month of March 2011
Revenues:
Expenses:
Salaries, rent, supplies, and other
expenses (paid in cash) 22,000
Trang 6Net Income (or Loss) = Revenues - Expenses
Assets = Liabilities + Stockholders’ Equity
A Net Income = $91,700 - $75,940 = $15,760;
Stockholders’ Equity = $136,200 - $61,000 = $75,200
B Total Revenues = $85,240 + $33,740 = $118,980;
Total Liabilities = $115,880 - $105,010 = $10,870
C Net Loss = $33,260 - $86,430 = ($53,170);
Stockholders’ Equity = $98,850 - $62,850 = $36,000
D Total Expenses = $81,680 - $41,770 = $39,910;
Total Assets = $27,800 + $88,680 = $116,480
E Net Income = $81,840 - $75,720 = $6,120;
Total Assets = $35,500 + $77,500 = $113,000
E1–9B.
Net Income (or Loss) = Revenues - Expenses
Assets = Liabilities + Stockholders’ Equity
A Net Income = $240,820 - $176,700 = $64,120;
Stockholders’ Equity = $295,000 - $95,000 = $200,000
B Total Revenues = $165,700 + $32,020 = $197,720;
Total Liabilities = $585,000 - $365,400 = $219,600
C Net Loss = $67,990 - $89,890 = ($21,900);
Stockholders’ Equity = $288,200 - $195,760 = $92,440
D Total Expenses = $43,590 - $15,840 = $27,750;
Total Assets = $218,675 + $99,525 = $318,200
E Net Income = $225,130 - $210,600= $14,530;
Total Assets = $195,800 + $316,200 = $512,000
Trang 7XTREME MANUFACTURING CORPORATION
Statement of Cash Flows For the Year Ended December 31, 2011
Cash flow from operating activities
Cash paid for operating expenses (198,000)
Net cash flow from operating activities $77,000
Cash flow from investing activities
Net cash flow from investing activities (15,750)
Cash flow from financing activities
Net cash flow from financing activities (62,150)